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The Innovator's Hypothesis: How Cheap Experiments Are Worth More than Good Ideas

Author

Listed:
  • Schrage, Michael

    (MIT Sloan School of Management’s Initiative on the Digital Economy)

Abstract

What is the best way for a company to innovate? Advice recommending “innovation vacations†and the luxury of failure may be wonderful for organizations with time to spend and money to waste. The Innovator’s Hypothesis addresses the innovation priorities of companies that live in the real world of limits. Michael Schrage advocates a cultural and strategic shift: small teams, collaboratively—and competitively—crafting business experiments that make top management sit up and take notice. He introduces the 5x5 framework: giving diverse teams of five people up to five days to come up with portfolios of five business experiments costing no more than $5,000 each and taking no longer than five weeks to run. Successful 5x5s, Schrage shows, make people more effective innovators, and more effective innovators mean more effective innovations.

Suggested Citation

  • Schrage, Michael, 2014. "The Innovator's Hypothesis: How Cheap Experiments Are Worth More than Good Ideas," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262028360, December.
    • Handle: RePEc:mtp:titles:0262028360
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    Cited by:

    1. Fabio Distefano & Giacomo Gambillara & Alberto Di Minin, 2016. "Extending the Innovation Paradigm: a Double ‘I’ Environment and Some Evidence from BRIC Countries," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 7(1), pages 126-154, March.

    More about this item

    Keywords

    business innovation; business management;

    JEL classification:

    • M13 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - New Firms; Startups
    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General
    • M54 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Personnel Economics - - - Labor Management
    • D80 - Microeconomics - - Information, Knowledge, and Uncertainty - - - General

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